Now your favorite queries/reports/charts/dashboards are identifiable with the yellow star icon in front of it. Users typically click on the star as a first try to add favorites. This would indeed be more user friendly than the current approach that takes several mouse clicks. It would also be in line with most web browsers, where favorites/bookmarks are a common thing.
It should be possible in the Manage Queries tab, but also in the query drop down menu and the run report menu.
It's also weird that after a first install, the query drop down has the 'my favorites' filter enabled, while new users obviously can't have any favorites just yet. New users are still finding their way and this filter already prevents them from running a basic query.